The Soul of the Shoe Business

Quick study: Branson craved knowledge and readily imparted it.

Absorbing information

“Dad had a unique ability to rapidly read and understand-everything from government contracts to operating manuals, ” says son Gary McRae, current president and CEO of McRae Industries. “He knew nothing about footwear manufacturing when he started his first shoe business in 1959-but he learned at the speed of light.”

“At all times, he carried around a yellow pad of paper to take notes. He didn’t want to miss a beat. Along with quickly digesting documents, he was also an excellent reader of people.”

Giving back

By all accounts, Branson was uncommonly dedicated to his employees.  “When the company made money, he shared it with everyone on staff,” Gary says. In the mid-1970s, a profit-sharing plan was established. Each employee received a profit-sharing check, along with an amount placed in an ESOP retirement account that consisted of cash and company stock. Today, the company has a cash profit-sharing plan and 401K plan into which it makes contributions.

“Dad was always colorblind and all-inclusive, hiring not only Laotians but Hispanic and African American workers,” son Jim says. The Hispanic employees came primarily from the hosiery industry nearby and migrated to McRae when two hosiery mills shut down in the area.

Senior workers were welcome also. Many staff members stayed on long after the official retirement age of 65. One employee retired at age 95. “He died a week later,” Victor remembers. “He loved his work at McRae, and I’m convinced that giving it up took away his purpose.”

Colorblind: Branson was devoted to creating a diverse workforce.

Branson cared deeply for his hometown. He was a cornerstone of the First Presbyterian Church of Mount Gilead, serving as a deacon and elder. After his death, the company established the Branson and Lorraine McRae Scholarship Endowment at Montgomery Community College, awarding annual scholarships in honor of Branson and his wife, Lorraine. Today, Lorraine is 97 years old and still lives in Mount Gilead. Another endowment with the North Carolina Community Foundation provides annual gifts to a variety of community and school projects.

“Dad lived from a soulful center,” Gary says. “In everything he did, every boot he made, and every life he touched, his vision, values, and vitality never wavered.”

An education advocate: Although Branson did not attend college, he was a lifetime supporter of higher education, setting up a scholarship endowment for Montgomery Community College in Troy, NC.